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Crypto’s synthetic dollar just discovered the stock market. Ethena has started extending USDe’s delta-neutral basis strategy into tokenized equities, expanding its stated addressable collateral universe from ~$2.5T in crypto to $150T+ in real-world assets. USDe supply is ~$4.9B. Meanwhile, $ENA reached $0.2662 on OKX, +19.9%/24h. This isn’t a new token narrative. It’s a much bigger hunting ground for the yield engine.